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VinFast Auto Ltd. (NASDAQ: VFS) is a trailblazing automotive manufacturer headquartered in Vietnam, focused on creating a green future with its range of premium electric vehicles (EVs). Established as a subsidiary of Vingroup JSC, VinFast is committed to the design, development, and production of electric SUVs, e-scooters, and e-buses. Its product lineup spans various segments, including fully electric A- through E-segment SUVs, making sustainable transportation accessible to a broader consumer base.
VinFast's core business is divided into three main segments:
- Automobiles: This segment encompasses the design, development, manufacturing, and sale of electric cars and buses.
- E-scooters: Focused on the design, development, manufacturing, and sale of electric scooters.
- Spare Parts & Aftermarket Services: This segment includes the sale of spare parts and the provision of aftermarket services for both automobiles and e-scooters.
Recent achievements highlight VinFast's rapid growth and ambition. The company reported a substantial increase in delivery volumes and revenues for the fourth quarter and fiscal year ending December 31, 2023. Key milestones include the launch of the VF 6 in Vietnam and concrete steps to optimize a new business model aimed at expanding market reach. Additionally, VinFast has secured significant equity funding and is actively expanding its North American charging network.
VinFast operates a state-of-the-art automotive manufacturing complex in Hai Phong, Vietnam, which boasts up to 90% automation. The company has recently pivoted to a capital-light distribution model, leveraging partnerships to expand its global footprint swiftly. Notably, VinFast has entered strategic markets such as Indonesia and India, with plans to establish manufacturing facilities outside Vietnam. This expansion is supported by substantial financial backing from Vingroup and Chairman Pham Nhat Vuong.
In its commitment to sustainability, VinFast participated in the Sustainable Trade Forum at COP28, showcasing its efforts to modernize and optimize its supply chain. The company also unveiled its newest EV concepts and expanded its product offerings at renowned events like CES 2024, strengthening its position as a leader in the EV market.
Financially, VinFast has shown strong momentum, with a significant increase in revenues and improved gross margins. The company is focusing on cost-cutting initiatives and optimizing return on capital invested, aiming to achieve profitability and expand its market presence globally.
For more information, visit the official website at www.vinfastauto.us.
VinFast and the Durango Drivers' Union in Mexico signed an MOU for potential purchase of 3,000 VF 5 electric cars and 300 electric buses for public transport in Durango City. The agreement includes collaboration with V-Green to develop charging infrastructure. The initiative aims to replace current gasoline-powered fleet, reduce CO2 emissions, and create new jobs through charging system operations. The partnership highlights VinFast's expanding global presence, following its achievement as the top-selling EV brand in Vietnam and its expansion into multiple international markets including the US, Canada, and European countries.
VinFast Auto has officially launched in the Middle East market with its first dealership opening in Dubai, UAE, in partnership with Al Tayer Motors. The 1,000-square-meter store showcases the VF 6, VF 7, VF 8, and VF 9 models. The company plans to expand to Saudi Arabia, Qatar, Kuwait, and Bahrain later this year. The VF 8 model will be priced from $47,500 for Eco trim and $51,500 for Plus trim. VinFast has signed partnerships with Al Tayer Motors (UAE), Al Mana Holdings (Qatar), and Bahwan Automobiles & Trading (Oman), and recently partnered with Charge&Go for charging infrastructure in UAE.
VinFast Auto (Nasdaq: VFS) reported its Q2 2024 financial results, showing significant growth in EV deliveries and revenue. The company delivered 13,172 EVs in Q2, up 44% QoQ and 43% YoY, bringing the H1 2024 total to 22,348 vehicles, a 101% YoY increase. Q2 revenue reached $357 million, up 33% QoQ and 9% YoY.
VinFast's growth was primarily driven by increasing EV adoption in Vietnam, with a 108% YoY increase in B2C deliveries. The company expanded its global footprint, operating in eight U.S. states and entering the Indonesian market. VinFast reaffirmed its target to deliver approximately 80,000 units in 2024, with Vietnam expected to play a key role in driving revenue for the remainder of the year.
VinFast highlights four scenic EV road trips in Canada, showcasing the country's growing EV adoption and charging infrastructure. The routes include:
1. British Columbia's Sea-to-Sky Highway: A 120 km journey from Vancouver to Whistler.
2. Alberta's Icefields Parkway: Winding through Banff and Jasper National Parks.
3. Quebec's Charlevoix Route: A UNESCO Biosphere Reserve with over 50 charging stations.
4. Nova Scotia's Cabot Trail: A 300 km loop around Cape Breton Island.
The press release emphasizes the VinFast VF 8's suitability for these trips, highlighting its up to 425 km range and features like the VinFast Trip Planner app. It also notes Canada's 57% increase in EV registrations in early 2024, indicating growing interest in sustainable travel.
VinFast Canada announced its participation in the 2024 Everything Electric EV Show in Vancouver, September 6-8. The company will showcase four electric vehicle models: VF 6, VF 7, VF 8, and VF 9, at Booth E100 in the Vancouver Convention Centre. Visitors can explore these models and sign up for test drives of the VF 8 and VF 9.
The event, organized by Fully Charged SHOW, focuses on promoting EVs, renewable energy, and sustainable tech. VinFast's presence underscores its commitment to the electric mobility sector and bringing EV ecosystems to global consumers. The company's Deputy CEO highlighted the strong interest in EVs in British Columbia and the success of VinFast's three showrooms in the Lower Mainland.
VinFast's models feature modern designs by Torino Design and Pininfarina, catering to various customer segments. In Canada, the VF 8 and VF 9 are priced at $56,026 CAD and $77,321 CAD respectively, including freight and PDI, with a 10-year or 200,000 km warranty.
VinFast Canada has announced its return as the Presenting Sponsor and Official Electric Vehicle of the Canadian National Exhibition (CNE) 2024, taking place from August 16 to September 2nd. The company will showcase and offer test drives for its VF 8 and VF 9 electric SUVs. VinFast is holding a 'Drive to Win' contest with a two-year lease of a VF 8 Eco Edition as the prize, valued at $35,000 CAD. The contest runs from August 16 to September 16th, 2024, for residents of Ontario, British Columbia, and Quebec. VinFast's Deputy CEO of Sales and Marketing, Robert Muller, noted that demand for the VF 8 in Canada has exceeded expectations. The VF 8 and VF 9 are priced at $56,020 CAD and $77,310 CAD respectively, with a 10-year or 200,000-kilometer warranty.
VinFast Auto (Nasdaq: VFS) has announced the formation of its Dealer Advisory Board in the United States. The board comprises representatives from VinFast's growing network of 25 dealerships, selected for their customer service commitment and industry expertise. The board held its inaugural meeting on July 17, 2024, in Los Angeles, discussing critical topics such as dealership sales and service best practices, warranty program optimization, future product planning, and competitive sales program development.
David Duncan, Vice President of Sales and Marketing at VinFast Auto, emphasized the board's importance in expanding the company's U.S. market presence. The board includes five members from dealerships across North Carolina, Florida, and Texas, representing a diverse geographical spread. This initiative aims to foster collaboration and enhance VinFast's position in the EV market.
VinFast Auto delivered 21,747 electric vehicles (EVs) in the first half of 2024, a 92% increase compared to the same period in 2023. The second quarter of 2024 saw deliveries rise to 12,058 vehicles, up 24% quarter-over-quarter and 26% year-over-year. Despite economic challenges, VinFast projects delivering around 80,000 EVs in 2024, more than doubling 2023's 34,855 deliveries. The company plans a cautious approach, focusing on key markets and adjusting its North Carolina manufacturing facility's launch to 2028. VinFast aims to leverage its strong domestic market presence, diverse product lineup, and expanding global footprint to drive growth. Financial results for 2Q24 will be released on August 15, 2024.
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